Inter-Urban Developers, Inc.

February 2, 2018 CERTIFICATE OF TAX EXEMPTION NO. 121-18 CERTIFICATE OF TAX EXEMPTION issued to Name of Seller TIN Address Inter-Urban Developers, Inc. 000-914-278 157 Road 3 cor. Road 4, Project 6, Quezon City -and- Name of Homeowners Association (HOA) TIN Address Recomville I Homeowners Association, Inc., Phase 3B 417-073-342 Recomville I, Brgy. 170, Deparo, Caloocan City This certifies that the Deed of Absolute Sale entered into by the Seller and the HOA, dated November 26, 2015, over the parcels of land described below, to wit: Transfer Certificates of Title Area (sq.m.) Total Area Transferred (sq.m.) Total Area of CMP (sq.m.) Location of Properties C-23061 C-23064 C-23065 5,001 1,250 1,250 Total 7,501 4,064 4,064 Kay Cristina Subdivision, Caloocan City being a Community Mortgage Program (CMP), 1 is not subject to income tax/capital gains tax/expanded withholding tax and value-added tax pursuant to Section 32 (b) of RA No. 7279 and Section 109 (1) (P) of the Tax Code of 1997, as amended. The transaction is, however, subject to documentary stamp tax under Section 196 of the same Code. It is, however, understood that this CTE is never intended and shall not be construed as giving authority to the concerned Register of Deeds to effect transfer of the land titles in the name of the buyer without the necessary certificate of authority to register issued by this Bureau. In this regard, this CTE shall be presented to the Revenue District Office (RDO) concerned in order for the latter to issue the Certificate Authorizing Registration (CAR). The CAR shall only be issued after the submission of the requirements provided under RMO No. 15-2003. The Bureau of Internal Revenue shall conduct verification and post-audit that the actual occupants of the property transferred under the CMP are qualified beneficiaries and therefore, the seller is entitled to exemption from capital gains tax or income tax imposed under Secs. 24 (D) (1) and/or 27 (D) (5) the Tax Code of 1997, as amended. This Certificate of Tax Exemption is being issued on the basis of the facts and documents as represented and submitted. However, if upon investigation, the BIR ascertains that the facts are different, then this Certificate shall be considered null and void. Issued this 2nd day of February, 2018. (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue Footnotes 1. Intended for distribution to the association's qualified member-beneficiaries (See attached Master List marked as Annex "A").